Chevron, Seplat, Other Multinationals Back NNPC’s Investment Drive

Some international oil companies and indigenous oil firms have expressed their commitments to partner with the Nigerian National Petroleum Company Ltd. and the federal government to build a sustainable energy landscape for Africa’s largest gas producer.

The commitments were reached at different dialogues and sessions with the oil majors at the CERAweek 2025 by S&P Global in Houston, Texas, USA.

The NNPCL, which is a creation of the Petroleum Industry Act of 2021, has mandates that include ensuring energy sufficiency for the continent’s most populous nation and driving hydrocarbon and renewable energy investments so as to eliminate energy poverty.

The CERAweek, which kicked off on Monday, March 10, saw huge interest from multinational oil firms including Vitol and Chevron, among others.

With the push for net zero carbon emissions, funding for investments in the oil and gas industry has decelerated globally.

Energy access and delivering value for Nigerians have been a key focus for the NNPC Ltd.

Part of the moves by the Nigerian government to open up the industry was the signing of three executive orders, which changed the oil and gas landscape.

The orders are the introduction of fiscal incentives for non-associated gas, midstream, and deepwater developments; and streamlining of the contracting process to compress the contracting cycle to six months. and the third is the application of the local content requirements without hindering investments.

The CEO of Vitol, Russell Hardy, a global energy company with revenues of over $505bn and an asset portfolio spanning power, oil, gas production, energy retail, and renewables, said the firm is committed to partnering with the NNPCL to develop the country’s hydrocarbon landscape.

In a strategic meeting, Vitol’s CEO told the NNPC team that the company is excited to partner and looks forward to increasing its investments in Nigeria.

Chevron is another IOC that showed great commitment to the NNPCL’s investor call at the CERAweek.

Chevron, through its Nigerian subsidiary CNL, holds interests in a variety of assets, including the Agbami Field, the Escravos Gas Plant, and the West African Gas Pipeline.

The company is also operating in the shallow offshore region of the Niger Delta.

The Chairman and Managing Director of Chevron Nigeria/Mid-Africa Business Unit, Jim Swartz, said the firm is committed to Nigeria’s sustainable energy future.

“We are excited with our collaborations with the NNPC and hope for more collaboration,” Swartz said.

Also, the Board Chairman of Seplat Energy Plc, Mr. Udoma Udo Udoma, expressed commitment to work in line with the vision of the state-owned company in delivery value for Nigerians.

Chevron, Seplat, Other Multinationals Back NNPC’s Investment Drive is first published on The Whistler Newspaper